Victoria Ltd purchased from Albert Ltd the following parcel of assets and liabilities representing a business. In exchange for these assets and liabilities, Victoria Ltd issued 50 000 shares, and the fair value of each share at the acquisition date is $5.50. Cost of issuing shares were $5 000. Legal costs associated with the acquisition amounted to $3000. After the transaction, Albert Ltd continued in business otherwise unaffected. Additional information: Cost Carrying amount Fair value Accounts receivable 20 000 18 500 16 000 Machinery Accounts payable 120 000 22 000 100 000 22 000 86 000 22 000 Victoria Ltd recognised the brand 'Bert' that was not recognised in the record of Albert Ltd as it was an internally developed brand. It was calculated that this brand had a fair value of $105 000. Required: Prepare all necessary journal entries to record the above acquisition